Overlays
The Guides Overlay can be turned off using this button in the toolbar in the designer:

The guides overlay serves a few purposes. The ruler on the overlay gives you a relative positioning based upon the number of pixels. There are 300 pixels to an inch, so 300 pixels from the left would be 1 inch from the left. There is also a rolling co-ordinate system in the upper left corner that changes as you move your mouse to give you more precision in knowing where a position is.
The pink area will be cut off from your design, it is called the bleed zone. The bleed zone width is an industry standard is 1/8" or 3mm or 37 pixels.
The red line is the trim line, which is where the design is expected to be cut. Everything outside of the trim line is bleed, and everything inside is considered content.
The dotted blue line is the start of the safe zone. Everything inside the safe zone should be safe from being cut, and thus all important icons and text should be inside the safe zone. The safe zone is 1/8" away from the trim line or 1/4" away from the edge of the image.

Other Overlays

- Overlay Mask - Trims the bleed off of your component and conforms it to the component shape (rounded corners, non-rectangular shapes, etc)
- None (Standard Vision) - Normal color vision with no filter applied.
- TGC Print Simulation - A replication of RGB to CMYK color conversion. Simulates how colors will appear when printed by The Game Crafter (increases saturation by 105% and contrast by 120%).
- Protanopia (Red-blind) - Complete inability to distinguish red from green; simulates missing red cones in the eye
- Protanomaly (Red-weak) - Reduced sensitivity to red light; partial red color blindness
- Deuteranopia (Green-blind) - Complete inability to distinguish green from red; simulates missing green cones in the eye
- Deuteranomaly (Green-weak) - Reduced sensitivity to green light; partial green color blindness (most common form of color blindness)
- Tritanopia (Blue-blind) - Complete inability to distinguish blue from yellow; simulates missing blue cones in the eye
- Tritanomaly (Blue-weak) - Reduced sensitivity to blue light; partial blue color blindness
- Achromatopsia (Total color blindness) - Complete inability to see any colors; everything appears in grayscale
- Achromatomaly (Partial color blindness) - Reduced ability to perceive colors; partial grayscale vision